Heliostar Provides 2026 Guidance and Growth Plan
Heliostar Provides 2026 Guidance and Growth Plan
HIGHLIGHTS:
• Production guidance of 50,000-55,000 oz gold
• Cash Costs of $1,850-$1,950/oz gold and All In Sustaining Costs of $2,025-$2,125/oz gold
• Pre-stripping of Veta Madre open pit expansion at La Colorada
• Ana Paula Feasibility Study advancement and development of the main access decline
• $27M exploration program funded from operating cash flow
Vancouver, Canada – January 13 , 202 6 – Heliostar Metals L td. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG 1)
(“Heliostar” or the “Company”) is pleased to provide production and cost guidance for 2026 as well as details
of growth plans across the portfolio. The Company plans to produce 50,000 -55,000 ounces of gold at by -
product cash costs of $1, 850-$1,950/oz gold and a consolidated All-In Sustaining Cost (AISC) of $ 2,025-
$2,125/oz gold. Heliostar will utilize the cash generated from ongoing operations to continue to invest in
exploration and growth initiatives across the Company’s portfolio, including advancement of the flagship Ana
Paula development project towards production.
Project Category 2026 Guidance
La Colorada Mine
Gold Production (Ounces) 20,000-22,300
Silver Production (Ounces) 130,000-145,000
Cash Costs (per gold ounce)1,2 $1,650-$1,750
All-In Sustaining Cost (per gold ounce)1,2,3,4 $1,775-$1,875
San Agustin Mine
Gold Production (Ounces) 30,000-32,700
Silver Production (Ounces) 160,000-175,000
Cash Costs (per gold ounce)1,2 $2,000-$2,100
All-In Sustaining Costs (per gold ounce)1,2,3,4 $2,150-$2,250
Heliostar Consolidated
Gold Production (Ounces) 50,000-55,000
Silver sold (Ounces) 290,000-320,000
Cash Cost (per gold ounce)1,2 $1,850-$1,950
All-In Sustaining Costs (per gold ounce)1,2,3,4 $2,025-$2,125
1. By-product credits calculated using $47.50 per ounce silver price.
2. Cash costs and AISC are non- GAAP measures. Please refer to the “Non -GAAP Financial Measures” section of this
news release for further information on this measure.
3. AISC is based on the World Gold Council definition.
4. Mine site AISC includes only the portion of corporate G&A allocated to the operating mine s. Consolidated G&A
includes the aforementioned corporate G&A allocated to the operating mines plus all corporate stock- based
compensation.
5. Annual average exchange rate from all costs based on Mexican peso to US dollar (18 pesos per one dollar).
The La Colorada mine (“La Colorada”) will continue to produce metals from processing Junkyard and other
stockpiles with a f ocus on additional re-leaching opportunities at the operation. The San Agustin mine ( “San
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Agustin”) successfully resumed mining op erations in December 2025 (see the press release dated
December 17, 2025) and will continue mining, crushing, stacking and leaching activities to produce gold and
silver through 2026 and beyond.
La Colorada
In 2026, the Company expects to produce 20,000-22,300 ounces of gold at an AISC of $1,775-$1,875 per ounce
of gold. This will come from crushing and stacking stockpiles, including the Junkyard Stockpile ore, a portion of
the Truckshop Stockpile and re-leaching opportunities.
Development of the Veta Madre open pit expansion project is planned to commence in early Q3. The Company
plans to conduct pre-stripping of 11 million tonnes of waste in 2026 to access the 43,000 ounces of in-situ gold
in reserves at Veta Madre starting in the first half of 2027. This is a key growth initiative that will drive increased
production at the mine in 2027.
De-risking drilling of Veta Madre and Veta Madre Plus (a planned cutback and possible expansion, respectively)
is ongoing. The results of this program will provide technical information for a refined pit design and may lead
to additional mineral reserves . Heliostar has also budgeted for regional exploration beyond the main mine
trend at La Colorada with the aim of unlocking the full geologic potential of the larger, und er-explored land
package. In addition, the Company has planned for a dedicated drill program in the second half of 2026 to
investigate the underground potential below the existing open pits at La Colorada. Heliostar intends to invest
up to $5.8M in resource development and exploration activities at La Colorada in 2026.
San Agustin
After successfully restarting open pit production in December 2025, the operation will produce at steady state
through 2026 and beyond. The Company expects the mine to produce 30,000-32,700 ounces of gold at a site-
level, by-product AISC of $2,150-$2,250 per ounce of gold. The increase in cost compared to that shown in the
January 2025 Feasibility Study is driven by general inflation, higher contract or mining costs and allocation of
corporate general and administrative costs.
Drilling focused on expanding the oxide reserves at the Corner Area and around the existing open pit is ongoing,
with 13,000 metres budgeted in 2026. In addition, Heliostar has planned up to 5,000 metres of drilling to
investigate the high-grade portions of the large, polymetallic sulphide deposit that sits both adjacent to and
beneath the oxides currently being mined. Further, $2 .0M has been earmarked for exploration of Heliostar’s
claims across the district, including early-stage exploration of the silver-rich Consejo veins mapped at surface.
The Company plans to invest up to $9.7M through this year to unlock the full geologic potential of the property.
Ana Paula
The ongoing 20,000 metre infill and expansion drill program at Ana Paula will continue through Q1 2026. Given
the success to date, an additional 6,500 metres have been approved to continue to upgrade inferred material
currently in the P reliminary Economic Assessment mine plan. Heliostar has commenced work to complete a
Feasibility Study for Ana Paula, scheduled to be completed in the first half of 2027. This important milestone
will fully define the construction and operating plans to develop a 100k ounce per year gold mine.
Heliostar plans to continue to advance the exis ting 412 metre production-scale decline into the Ana Paula
deposit in 2026. This work is planned to start in Q3 and is part of a broader de-risking and early works program
to support production at the mine in the second half of 2028. The completion of the decline will also provide a
platform for underground drilling to continue to expand the Ana Paula deposit at depth and explore for the
causative intrusion and potential mineralized contact skarn deposit.
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In addition, $1.5M has been budgeted for early-stage, regional exploration at Ana Paula. This includes a drone
magnetics survey, ground-based gravity survey, property -wide soil sampling and geologic mapping. The Ana
Paula project sits on a largely unexplored 56,334ha land package – one of the largest in the prolific and highly
prospective Guererro Gold Belt. In total, Heliostar plans to invest $6.6M in resource development and regional
exploration at Ana Paula in 2026, in addition to the $15.0M required to extend the decline.
Other Properties
At Cerro del Gallo, Heliostar is advancing permitting discussions alongside active engagement with the local
communities and social benchmarking surveys. The Company’s workplan includes an update of the geologic
model to allow flotation trade-off testing, further metallurgical test work of the sulphide portion of the deposit
and hydrological data collection.
Unga and San Antonio will see modest exploration and metallurgical programs, respectively.
The total planned exploration, development and study expenditure for these properties is $4.9M.
Statement of Qualified Persons
Gregg Bush, P.Eng., Qualified Person, as such term is defined by National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for
this news release and has approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of
the Company.
Non-GAAP Financial Measures
Management believes that the reported non-GAAP financial measures will enable certain investors to better
evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have
any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.
Additional details of the Company’s calculation of Cash Costs and All- In Sustaining Costs can be found in the
most recent MD&A.
About Heliostar Metals Ltd.
Heliostar is a gold producer with production from operating mines in Mexico. This includes the La Colorada
Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of development
projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo
project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: [email protected]
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: [email protected]
Phone: +1 844-753-0045
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward–Looking Statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward –looking information" under applicable
Canadian securities laws. When used in this news rel ease, the words "anticipate", "believe", "estimate",
"expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or
expressions, identify forward –looking statements or information. These forward– looking statements or
information relate to, among other things, the Company’s plans, prospects and business strategies; the
Company’s guidance on the timing and amount of future production and its expectations regarding the
results of operations; the completion of additional studies, including and the Feasibility Study for Ana
Paula; exploration and metallurgical programs; and expectations for other economic, business, and/or
competitive factors.
Forward-looking statements and forward–looking information relating to the terms and completion of the
Facility, any future mineral production, liquidity, and future exploration plans are based on management’s
reasonable assumptions, estimates, expectation s, analyses and opinions, which are based on
management’s experience and perception of trends, current conditions and expected developments, and
other factors that management believes are relevant and reasonable in the circumstances, but which may
prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of
necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military
conflicts; costs of exploration and development; the est imated costs of development of exploration
projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain
financing on reasonable terms.
These statements reflect the Company’s respective current views with respect to future events and are
necessarily based upon a number of other assumptions and estimates that, while considered reasonable
by management, are inherently subject to significant business, economic, competitive, political, and social
uncertainties and contingencies. Many factors, both known and unknown, could cause actual results,
performance, or achievements to be materially different from the results, performance or achievements
that are or may be expressed or implied by such forward– looking statements or forward -looking
information and the Company has made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: precious metals price volatility; risks associated with the
conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting
delays; risks relating to reliance on the Company’s management team and outside contractors; risks
regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks,
on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and
unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical
recoveries and capital and operating costs of such projects; contests over title to properties, particularly
title to undeveloped properties; laws and regulations governing the environment, health and safety; the
ability of the communities in which the Company operates to manage and cope with the implications of
public health crises; the e conomic and financial implications of public health crises, ongoing military
conflicts and general economic factors to the Company; operating or technical difficulties in connection
with mining or development activities; employee relations, labour unrest or unavailability; the Company’s
interactions with surrounding communities; the Company’s ability to successfully integrate acquired
assets; the speculative nature of exploration and development, including the risks of diminishing quantities
or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack
of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption
“Risk Factors” in the Company’s public disclosure documents. Readers are cautioned against attributing
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undue certainty to forward –looking statements or forward -looking information. Although the Company
has attempted to identify important factors that could cause actual results to differ materially, there may
be other factors that cause results not to be ant icipated, estimated or intended. The Company does not
intend, and does not assume any obligation, to update these forward– looking statements or forward -
looking information to reflect changes in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable law.